Tidewater (NYSE:TDW) Issues Earnings Results

Tidewater (NYSE:TDW) announced its quarterly earnings data on Thursday. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40, Briefing.com reports. The business had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a return on equity of 13.37% and a net margin of 9.62%. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share.

Tidewater Stock Up 13.4 %

Shares of Tidewater stock traded up $12.62 on Friday, reaching $106.51. The company’s stock had a trading volume of 2,548,596 shares, compared to its average volume of 771,498. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 58.02 and a beta of 1.21. The firm’s fifty day simple moving average is $88.77 and its two-hundred day simple moving average is $73.92. Tidewater has a 52 week low of $39.53 and a 52 week high of $107.45. The company has a quick ratio of 1.70, a current ratio of 1.80 and a debt-to-equity ratio of 0.61.

Analyst Ratings Changes

TDW has been the subject of a number of recent research reports. BTIG Research lifted their price objective on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Evercore ISI lifted their price objective on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. Johnson Rice initiated coverage on Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 price objective for the company. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Finally, Pickering Energy Partners initiated coverage on Tidewater in a report on Tuesday, January 30th. They issued an “outperform” rating for the company. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $93.00.

Insiders Place Their Bets

In related news, CFO Samuel R. Rubio sold 19,641 shares of Tidewater stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now owns 98,036 shares of the company’s stock, valued at $7,976,208.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO David E. Darling sold 17,821 shares of Tidewater stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the sale, the chief operating officer now owns 85,959 shares of the company’s stock, valued at $7,055,514.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Samuel R. Rubio sold 19,641 shares of Tidewater stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now directly owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,462 shares of company stock valued at $3,716,739. Corporate insiders own 9.59% of the company’s stock.

Tidewater announced that its board has approved a share buyback program on Thursday, February 29th that allows the company to repurchase $48.60 million in shares. This repurchase authorization allows the oil and gas company to buy up to 1.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Tidewater Company Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.